双重股权结构相关问题探讨

Discussion on the Problems of Dual-Class Share Structure

纵观国外成熟资本市场,股权结构并不仅仅是"同股同权",双重股权也占有一席之地。公司治理的核心是控制权的归属,一般股权融资会稀释股东权利转移控制权,而双重股权结构使得创始股东控制权与融资兼得。由于目前我国证券市场并未允许上市公司采用双重股权结构,所以以案例分析的方法详细介绍了该种股权结构及其在中国的适用性。此外,笔者通过分析目前资本市场的发展趋势,得出结论认为我国有必要允许双重股权机制进入资本市场。

Throughout the foreign mature capital markets, shareholding structure includes ＂one share one vote＂ and ＂dual-class share＂. The centre of corporate governance is the belonging of control. In the ＂one share one vote＂ system, equity financing dilutes the rights of shareholders. On the contrary, ＂dual-class share＂ makes the founding shareholders both have control and fund. Because the security market is not allowed to adopt ＂dual-class share ＂structure, this paper adopts the method of case analysis to introduce this structure and its applicability in China. In addition, the author concludes that it is necessary to allow ＂dual-class share＂ to get into the capital markets after analyzing the development trend of the current capital market.